The copper-to-gold ratio, a crucial market barometer to monitor the stages of the business cycle, is starting to unmistakably display the first symptoms of an economic stagflation. And we might be at the beginning of a new major trend. Stagflation denotes a slowdown in economic growth as a result of persistent inflationary pressures, such as those observed in the 1970s and now threatening the global economy, as we discussed here. What is the copper-to-gold ratio now telling us? Copper is a cyclical metal with several industrial applications, which tends to appreciate during economic boom. In contrast, gold is seen as ... (full story)